We are currently seeing a quickly emerging real estate seller’s market that is flooded with motivated buyers looking for their dream home, and a lack of home inventory up for grabs. If you’re looking to put your property on the market, get the best returns for your time and effort with these 5 ways to capitalize on the seller’s market in Chicago:
Lay the Groundwork
Since 2020 was a year of staying, and possibly working, at home, this gave homeowners the perfect opportunity to complete some major renovation projects.
It cannot be overstated how important it is to let these updates shine by going through the usual process of deep cleaning and then decluttering your living spaces. Do your best to make good use of any available storage space while eliminating any personal items that you no longer need or want.
Giving some TLC to your exterior and landscaping will help tremendously to increase curb appeal and create an outstanding first impression to any interested buyers.
Don’t Go It Alone
Selling in a seller’s market can seem like a no-brainer, but this overconfidence can often become a trap for sellers thinking they can make a quick, big profit simply due to the demand for homes outweighing the supply.
This is where hiring an agent to have your back can make a night and day difference. An agent has the years of experience and professional connections to take your home sale to the next level while keeping your head on straight.
Shop around for the right agent for you by meeting with at least three agents, discussing your home sale goals, and the attributes that make your property stand out. Communication between you and your agent is key, so feel free to ask any questions you may have, and don’t be shy.
Afterward, take some time before making the decision on which agent suits your needs while understanding your circumstances best.
Price Accurately
An area where that agent will pay for themselves immediately is in pricing your home appropriately.
Nothing will kill a home’s sale prospects faster than pricing too high or low based on a number of factors. Some of the key points that help influence the right price for a home include features, available living space, and access to amenities.
Besides all of these other points, the biggest impact on pricing your home can be found in the sale prices of homes in your neighborhood over the last few years coupled with the current seller’s market factors.
Your agent can carefully pinpoint what price is best for your property by analyzing all of these data points and predicting where the market is going to go in the coming months.
Shamelessly Self-Market
Once your home is up for sale and you have a stellar listing composed that highlights the strengths of your property, it’s time to get the word out.
If you have hired an agent, they will certainly take it upon themselves to handle this, but it can’t hurt to supplement that advertising. Share a short but informative post that includes pictures of your property on your chosen social media platforms.
If you’re familiar with any local real estate or city groups that allow posts for home listings to be shared, absolutely share them there as well. Kindly ask your friends and family to share to even further extend the reach of your home listing and generate more interest.
Investigate All Offers
Once offers start coming in, do not simply take the highest bid and move forward.
Offers will come with details regarding earnest money, personal letters from buyers, and contingencies that consist of repairs, inspections, appraisals, or requests for you to leave items for the new buyer.
Look into every bit of these details and you may find that the highest bid came with repair contingencies requiring major repairs or other points that quickly eat into the high price of the offer.
Professional Help Capitalizing on the Seller’s Market in Chicago
If you’re looking to list a home amidst the Chicago seller’s market, contact us today at (872) 231-5264!